Global diesel prices have risen sharply due to the outbreak of hostilities in the Middle East, writes 24tv.ua. Geopolitical tensions have caused a chain reaction on energy markets, which has led to a significant increase in fuel prices in many countries. According to analysts at Global Petrol Prices, Ukraine is among the top ten countries with the highest rates of diesel price growth.
Who are the leaders in growth
The largest price increases were recorded in Asian countries and markets dependent on fuel imports:
Philippines — +81.6%
Nigeria — +78.3%
Malaysia — +57.9%
Australia — +52.1%
Vietnam — +45.9%
Singapore — +44.0%
USA — +41.2%
Situation in Ukraine
Diesel prices in Ukraine have increased by 33.9%. This means:
the country is in the top 10 in terms of growth rates
but the rate is lower than in most Asian markets
For comparison:
Canada — +36.9%
Germany — +30.9%
France — +27.8%
China — +25.4%
Great Britain — +18.0%
Thus, Ukraine is ahead of most developed economies in terms of price increases.
Where growth is minimal
The lowest rates or price stability were recorded in energy-strong or regulated economies:
Qatar — +7.9%
UAE — +7.9%
Japan — +14.0%
South Korea — +15.1%
India — unchanged
Saudi Arabia — unchanged
Reasons for price increases
Experts identify several key factors:
Risks of oil supply disruptions due to geopolitical tensions around Iran
Increasing costs of logistics and transportation insurance
High dependence of many countries on fuel imports
Speculatory factor in global markets
Main trend
Asian markets, which are largely dependent on energy imports, turned out to be the most vulnerable. This is what led to record price increases in the region.
Conclusion
The global fuel market has once again confirmed its sensitivity to geopolitics:
even a local conflict has a global impact
import-dependent countries react the strongest
Ukraine is in a high-risk group due to the market structure, high tax burden and parliamentary crisis that does not allow changing legislation in a timely manner to respond to the situation.
